Swiss National Bank grew its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 0.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 862,200 shares of the company's stock after acquiring an additional 2,500 shares during the period. Swiss National Bank owned 0.25% of Cloudflare worth $97,161,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in NET. Mather Group LLC. lifted its holdings in shares of Cloudflare by 1,188.2% in the first quarter. Mather Group LLC. now owns 219 shares of the company's stock worth $25,000 after buying an additional 202 shares in the last quarter. NBC Securities Inc. purchased a new position in shares of Cloudflare in the first quarter worth $27,000. GPS Wealth Strategies Group LLC lifted its holdings in shares of Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after buying an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after buying an additional 142 shares in the last quarter. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in shares of Cloudflare in the fourth quarter worth $43,000. 82.68% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on NET shares. Scotiabank boosted their price target on shares of Cloudflare from $135.00 to $200.00 and gave the stock a "sector perform" rating in a research report on Friday, August 1st. Needham & Company LLC boosted their price target on shares of Cloudflare from $200.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Jefferies Financial Group reduced their price target on shares of Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a research report on Friday, May 9th. DZ Bank restated a "sell" rating and issued a $170.00 price target on shares of Cloudflare in a research report on Tuesday, July 22nd. Finally, Morgan Stanley boosted their price target on shares of Cloudflare from $225.00 to $235.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Three analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $186.88.
Check Out Our Latest Stock Analysis on NET
Insider Buying and Selling at Cloudflare
In related news, CFO Thomas J. Seifert sold 59,130 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $200.30, for a total value of $11,843,739.00. Following the transaction, the chief financial officer owned 241,550 shares in the company, valued at approximately $48,382,465. This represents a 19.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michelle Zatlyn sold 35,098 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total transaction of $5,504,419.34. Following the completion of the transaction, the insider owned 6,390 shares in the company, valued at approximately $1,002,143.70. This trade represents a 84.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 638,678 shares of company stock worth $114,296,189 in the last 90 days. Corporate insiders own 10.89% of the company's stock.
Cloudflare Stock Down 0.4%
Shares of NET traded down $0.90 during mid-day trading on Wednesday, hitting $201.43. 176,028 shares of the company traded hands, compared to its average volume of 3,658,038. Cloudflare, Inc. has a 1-year low of $74.88 and a 1-year high of $219.00. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63. The company has a market capitalization of $70.19 billion, a PE ratio of -590.97 and a beta of 1.84. The business has a 50 day moving average of $190.37 and a 200 day moving average of $153.51.
Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.03. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. The firm had revenue of $512.32 million for the quarter, compared to the consensus estimate of $501.58 million. During the same quarter in the prior year, the company posted $0.20 earnings per share. The company's revenue for the quarter was up 27.8% compared to the same quarter last year. Equities research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.
Cloudflare Company Profile
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Free Report)
Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.
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